CP MOTORSPORTS - NASCAR, PNC BANK INK OFFICIAL DEAL
NASCAR and PNC Bank today announced a five-year agreement that introduces the bank as the “Official Bank of NASCAR®” and “Official Wealth Management Partner of NASCAR®.”
The agreement provides PNC exclusive status and promotional rights around retail, corporate and private banking across the country and U.S. military bases abroad. PNC will be present at key NASCAR races throughout each season and offer its services to the industry, providing valuable insights to drivers, teams, tracks and sponsors. The agreement takes effect immediately.
"PNC Bank has a trusted reputation and national reach and we couldn’t be more pleased to welcome them to our family of partners," said Steve Phelps, EVP and Chief Global Marketing, Media and Sales Officer, NASCAR. "Like many blue-chip brands, we are thrilled PNC Bank sees the value of the NASCAR fan. I’m confident we’ll deliver unique opportunities for PNC to connect with our industry and diverse fan base."
The announcement signals another step in an ongoing effort to establish a stronger national PNC brand, even in markets without a retail branch presence. Last year, PNC said it was forming a national digital retail strategy. Since 2016, the bank announced the opening of expansion markets focused primarily on middle market corporate lending in Dallas-Ft. Worth, Kansas City, the Twin Cities, Nashville, Denver, Houston and the Port Cities market of Jacksonville, Savannah and Charleston.
“As we continue to focus on establishing a more powerful national presence, PNC’s new alliance with NASCAR will open more avenues to build on our brand and business coast-to-coast,” said PNC Chairman, President and Chief Executive Officer William S. Demchak. “NASCAR is a storied part of Americana that built a national fan base. Millions of Americans say they are NASCAR fans, and so are we.”
PNC becomes the latest Fortune 500 company to invest in the sport. In 2017, more than 1 in 4 Fortune 500 companies invested in NASCAR – a 7 percent increase year-over-year – showing sustained investments or growth year-over-year for the past five years.
“PNC Bank has earned the reputation as a reliable and trusted financial institution with strong client relationships,” said Susan Schandel, Senior Vice President and Chief Financial Officer, NASCAR. “We look forward to leveraging their capabilities and technology solutions as they become NASCAR’s primary provider of banking services moving forward.”
Announced during the NASCAR Fuel for Business Council® meetings in Charlotte, North Carolina, the agreement is PNC’s first with a sports league. PNC joins the NASCAR Fuel for Business Council®, bringing together an exclusive group of more than 50 Official NASCAR Partners to buy and sell products and services from one another.